Belarusian Railways has released its cryptocurrency through tokenization of assets

The state association «Belarusian Railways» (Belarusian Railways) has issued 50,000 tokens for a total amount of $ 5 million. This was reported on the official website of the company. The token supplier was the platform of the Belarusian bank BelVEB – Finstore.by.

The Belarusian version of Russian Railways has issued a cryptocurrency for $ 5 million.

The tokens will be paid out in the amount of 7.5% per annum.

The technical details of the project remain unknown.

The leader in cargo turnover in the Republic of Belarus has published the White Paper of its digital tokenized assets.

According to the official technical documentation of the project, distribution is carried out according to the initial coin offering (ICO) model. The price of each token named «RAILWAY_ (USD_160)» was $ 100. Belarusian Railways plans to hold an ICO until August 25, 2022.

Moreover, the price of each token is tied to a stablecoin. To which one, the documentation is not specified. However, it is reported that for each token, an interest payment of 7.5% per annum will be made. Who exactly acts as the payer of interest remains unclear.

Percentage calculations, according to the documentation, will continue until August 26, 2024. The actual developer of the project was DFS LLC, however, on which blockchain the tokens will be circulated, the documentation does not say.

However, it is known from the document that the tokens placed within the ICO “cannot be transferred to persons” who are citizens of “prohibited jurisdictions”. Which jurisdictions are not specified in the document either.

The release of tokens is taking place against the background of the announcement of the US sectoral sanctions against Belarus. Recall that in early August, US President Joe Biden signed a decree expanding sanctions pressure on various sectors, including construction, energy and transport.

Belarusian crypto market

Belarus has long been considered one of the world’s crypto hubs. The country is one of the seven states that have officially refused to tax transactions with cryptocurrencies. Moreover, at the beginning of the year, Igor Davydov, a resident of Belarus with Russian roots, set out to reorganize the abandoned children’s camp «Domanovo» near Minsk into a large mining center.

A children’s camp with 15 hectares of land and seven three-story dormitories put up for auction was estimated at 428 thousand Belarusian rubles (~ ₽12.2 million). As Davydov argued, abandoned buildings cost a penny, and in Russia it is not so easy to acquire such objects.

Leave a Reply

Your email address will not be published. Required fields are marked *